One of the first questions you have to answer is 'Why am I getting involved in Real Estate Investing?'. I have found I have several reasons that all come up to the same answer.
While my wife and I are fiscally responsible we still like to eat out a restaurants, we like to travel, we like weekend getaways. I have a job that pays well and she's working part time and finishing school, however we don't get to do the things we enjoy nearly as often as we want to. By being able to pull in extra income we won't be limited by our current income.
We are planning on having children soon. One of my biggest fears is not being able to provide for my children. I'm not saying they're going to get everything they ask for, but if they want to play sports, become a performer, or get involved in the community I don't want money to be the reason they can't. I see parents pay thousands of dollars to let their children play sports but when it comes to dinner time it's frozen meals because they don't have that bit of extra income to buy more nourishing foods. When it comes to college, I'd rather my children borrow from the bank of parents instead of paying interest on their loans. I think it'll necessary for my children to pay, at least in part, for their education. It's a lot harder to get sidetracked when you're spending your own money.
I'm a software engineer, and as such my career and livelihood depends on technology. There are a few certainties in life and one of them is that technology is always advancing. There's going to be a time in my life when I may not want to learn the next thing. I may become outdated. What happens if that becomes a reality? I need to find a way to replace that income.
Bowling keeps me busy. It's one of my passions, I'm in 3 leagues and bowl in several tournaments throughout the year. One thing I've not seen, at least in Minnesota, is a bowling alley designed for bowler's improvement. I know there are a few, such as the Kegel Training Center. However at $600 a day plus travel I find it unreasonable for amateurs and for the best of the best. There are plenty of local coaches that can help beginners up to high level amateurs, but there's not a place for those. That's one of my dreams, help grow the sport again.
Lastly, I have Meniere's Disease which has forced me to work from home for a year and a half. My wife, then girlfriend, was the only thing that could keep my happy. I didn't leave the house except to go to the doctor, go to my parents house, or to my girlfriend's house. I couldn't drive, I could barely walk some days. While I've been better for 5 years I always fear that it will become a problem again, it could keep me from working, from providing for my family.
This is why I have the drive to learn about Real Estate Investment. This is why I plan on spending several years working my butt off to make extra money. I want to live the life I want. I don't want to have to rely on disability payments down the road. I don't want to let money control my life.